Purpose
The Enterprise Community Revolving Loan Fund (ECRLF) was formed to expand
investment opportunities in designated areas of Waco, Bellmead and
Lacy-Lakeview. The ECRLF is committed to a lending program designed to create
and retain jobs for low-income and/or minority persons in the Enterprise
Community.
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Funding Sources
Through local funding from financial institutions, other Waco business
entities, and with matching funds from the federal government, approximately
$2,000,000.00 is "on-hand" and accessible for those persons wishing to
establish businesses committed to job creation in the Enterprise Community.
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Who Is Involved?
Local financial institutions and local business interests have created a fund
to be administered by an Investment Advisory Board. This Board is comprised
of Waco citizens, lenders, and The Business Resource Center Board of Directors.
Members of all groups are committed to economic development and job creation
within the Enterprise Community by assisting small businesses, including
those owned by minorities, women, and veterans.
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How The Program Works
Applications for loans are available at the Business Resource Center facility
at 801 Elm Avenue, Waco, Texas, 76704.
The applicants, with assistance from counselors, will complete a business plan
including specific descriptive information and financial projections. The
applicant then submits the completed application to the Business Resource Center
ECRLF Coordinator.
The Investment Advisory Board reviews the loan, makes an
objective decision, and forwards their recommendations and parameters to the
Business Resource Center Board of Directors. Approvals are returned to the ECRLF
Coordinator of the Business Resource Center for implementation.
Funds are available for organizational expenses, site purchase and improvement, equipment purchase, inventory
purchases, financing of receivables and other business needs.
Once the new business becomes operational, new employees report to work,
economic expansion continues in the Enterprise Community.
Counselors are available, generally by appointment, to assist in the on-going development
of the business.
The repayment period of the loan begins on a scheduled basis - and
as this repayment happens - new funds become available for other businesses.
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Contact Information
Business Resource Center
801 Elm Avenue
Waco, Texas 76704
(254)754-8898
FAX: (254) 756-0776
Email: ECRLF info@brc-waco.com
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